$MORN
Morningstar, Inc.

2023 Q2 Form 10-Q Financial Statement

#000128941923000010 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $504.7M $479.7M
YoY Change 7.29% 4.97%
Cost Of Revenue $216.4M $218.8M
YoY Change 9.51% 14.38%
Gross Profit $288.3M $260.9M
YoY Change 5.68% -1.81%
Gross Profit Margin 57.12% 54.39%
Selling, General & Admin $199.6M $191.6M
YoY Change 11.57% 11.59%
% of Gross Profit 69.23% 73.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.00M $44.80M
YoY Change 17.5% 19.15%
% of Gross Profit 16.3% 17.17%
Operating Expenses $246.6M $191.6M
YoY Change 37.84% 11.59%
Operating Profit $41.70M $24.50M
YoY Change -22.63% -56.56%
Interest Expense -$13.80M -$13.30M
YoY Change 213.64% 454.17%
% of Operating Profit -33.09% -54.29%
Other Income/Expense, Net $3.800M -$22.40M
YoY Change -126.03% -439.39%
Pretax Income $31.70M $2.100M
YoY Change -19.34% -96.67%
Income Tax -$6.200M $8.400M
% Of Pretax Income -19.56% 400.0%
Net Earnings $36.10M -$7.600M
YoY Change 19.93% -116.49%
Net Earnings / Revenue 7.15% -1.58%
Basic Earnings Per Share $0.85 -$0.18
Diluted Earnings Per Share $0.84 -$0.18
COMMON SHARES
Basic Shares Outstanding 42.55M shares 42.48M shares
Diluted Shares Outstanding 42.80M shares 42.80M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $378.2M $385.4M
YoY Change -9.26% -29.27%
Cash & Equivalents $343.3M $352.2M
Short-Term Investments $34.90M $33.20M
Other Short-Term Assets $49.50M $7.600M
YoY Change 1550.0% 162.07%
Inventory
Prepaid Expenses $45.80M $48.30M
Receivables $364.5M $297.9M
Other Receivables $15.10M $0.00
Total Short-Term Assets $807.3M $781.3M
YoY Change -1.32% -13.46%
LONG-TERM ASSETS
Property, Plant & Equipment $379.2M $201.5M
YoY Change 107.55% 14.16%
Goodwill $1.585B $1.577B
YoY Change 0.37% 31.15%
Intangibles
YoY Change
Long-Term Investments $114.8M $117.7M
YoY Change 1048.0% 83.62%
Other Assets $21.00M $10.30M
YoY Change 82.61% -5.5%
Total Long-Term Assets $2.651B $2.669B
YoY Change 0.11% 35.74%
TOTAL ASSETS
Total Short-Term Assets $807.3M $781.3M
Total Long-Term Assets $2.651B $2.669B
Total Assets $3.458B $3.451B
YoY Change -0.23% 20.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.00M $69.60M
YoY Change -13.86% -4.26%
Accrued Expenses $205.7M $169.7M
YoY Change 10.29% -11.01%
Deferred Revenue $535.8M $533.7M
YoY Change 8.37% 14.53%
Short-Term Debt $0.00 $32.10M
YoY Change -100.0%
Long-Term Debt Due $32.10M $32.10M
YoY Change 9.18%
Total Short-Term Liabilities $814.9M $844.4M
YoY Change 1.7% 17.2%
LONG-TERM LIABILITIES
Long-Term Debt $1.121B $1.132B
YoY Change -4.68% 124.33%
Other Long-Term Liabilities $227.8M $14.00M
YoY Change 1418.67% -4.11%
Total Long-Term Liabilities $1.349B $1.146B
YoY Change 13.24% 120.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $814.9M $844.4M
Total Long-Term Liabilities $1.349B $1.146B
Total Liabilities $2.222B $2.246B
YoY Change -0.13% 47.99%
SHAREHOLDERS EQUITY
Retained Earnings $1.532B $1.511B
YoY Change -2.58% -2.94%
Common Stock $775.0M $772.0M
YoY Change 6.97% 7.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $986.8M $986.7M
YoY Change 2.15% 12.78%
Treasury Stock Shares
Shareholders Equity $1.236B $1.205B
YoY Change
Total Liabilities & Shareholders Equity $3.458B $3.451B
YoY Change -0.23% 20.26%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $36.10M -$7.600M
YoY Change 19.93% -116.49%
Depreciation, Depletion And Amortization $47.00M $44.80M
YoY Change 17.5% 19.15%
Cash From Operating Activities $24.50M $23.40M
YoY Change -64.34% -0.43%
INVESTING ACTIVITIES
Capital Expenditures $30.30M $29.50M
YoY Change -195.58% 5.36%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $3.200M $0.00
YoY Change -100.49% -100.0%
Cash From Investing Activities -$27.10M -$700.0K
YoY Change -96.08% -97.92%
FINANCING ACTIVITIES
Cash Dividend Paid $15.90M
YoY Change 2.58%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.100M -$48.80M
YoY Change -101.14% -513.56%
NET CHANGE
Cash From Operating Activities 24.50M $23.40M
Cash From Investing Activities -27.10M -$700.0K
Cash From Financing Activities -6.100M -$48.80M
Net Change In Cash -8.700M -$24.40M
YoY Change -89.82% 8033.33%
FREE CASH FLOW
Cash From Operating Activities $24.50M $23.40M
Capital Expenditures $30.30M $29.50M
Free Cash Flow -$5.800M -$6.100M
YoY Change -105.78% 35.56%

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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.033
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12200000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13900000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2100000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
63000000.0 usd
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1300000 usd
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
400000 usd
CY2023Q1 morn Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomesticAndForeign
800000 usd
CY2022Q1 morn Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomesticAndForeign
63400000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8400000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17300000 usd
CY2023Q1 morn Effective Income Tax Rate Reconciliation
EffectiveIncomeTaxRateReconciliation
NMF
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.273
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8400000 usd
CY2023 morn Income Tax Expense Benefit Change From Prior Year
IncomeTaxExpenseBenefitChangeFromPriorYear
-8900000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26500000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26500000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
26500000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
26500000 usd
CY2023Q1 morn Decrease In Income Tax Expense Upon Recognition Of Gross Unrecognized Tax Benefits
DecreaseInIncomeTaxExpenseUponRecognitionOfGrossUnrecognizedTaxBenefits
26200000 usd
CY2022Q4 morn Decrease In Income Tax Expense Upon Recognition Of Gross Unrecognized Tax Benefits
DecreaseInIncomeTaxExpenseUponRecognitionOfGrossUnrecognizedTaxBenefits
26100000 usd
CY2023Q1 morn Unrecognized Tax Benefits Included In Current Liabilities
UnrecognizedTaxBenefitsIncludedInCurrentLiabilities
18400000 usd
CY2022Q4 morn Unrecognized Tax Benefits Included In Current Liabilities
UnrecognizedTaxBenefitsIncludedInCurrentLiabilities
18300000 usd
CY2023Q1 morn Unrecognized Tax Benefits Included In Non Current Liabilities
UnrecognizedTaxBenefitsIncludedInNonCurrentLiabilities
6100000 usd
CY2022Q4 morn Unrecognized Tax Benefits Included In Non Current Liabilities
UnrecognizedTaxBenefitsIncludedInNonCurrentLiabilities
6000000.0 usd
CY2023Q1 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
24500000 usd
CY2022Q4 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
24300000 usd
CY2023Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 usd
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
500000000 usd

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